Verdict: • Short-run Neutral. Macro: • Eurozone Manufacturing May PMI at 47.3, est. 47.4, last 47.4. Iron Ore Key Indicators: • Platts62 $109.65, -5.60, MTD $109.65. During the past week, Australia and Brazil total delivery reached 26.29 million tons, down 1.21 million tons on the week. The total arrival of Australia and Brazil …
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Daily Virtual Steel Mill Report 03/06/24
Verdict: • Short-run Neutral. Macro: • US PCE April price index up 0.2%, refreshed new low since December 2023, est. 0.3%, last 0.3%. • According to Euro Statistics, EU inflation in May reached 2.6%, 0.2% higher than April. Iron Ore Key Indicators: • Platts62 $115.25, +0.10, MTD $117.52. There were two SSF sold …
Daily Virtual Steel Mill Report 30/05/24
Verdict: • Short-run Neutral. Macro: • US Beige Book expected a mild growth recently on the consumer price. • IMF raised its forecast for China’s projected economic growth to 5% from 4.6% in 2025. • China State Council issued the Action Plan for Energy Conservation and Carbon Reduction from 2024 to 2025, which required …
Daily Virtual Steel Mill Report 29/05/24
Verdict: • Short-run Neutral. Macro: • In May, consumer confidence in the US unexpectedly rebounded after three consecutive months of deterioration, with the Consumer Confidence Index rising from an upward revised 97.5 in April to 102.0 this month. Previously, a Reuters survey predicts that the index will drop from the previously reported 97.0 to …
Daily Virtual Steel Mill Report 24/05/24
Verdict: • Short-run Neutral. Macro: • US initial jobless claims was 215,000 last week, down 8,000 from previous week, created the biggest single week decrease of the year. • European Central Bank President Lagarde said that due to the trend of rapid consumer price growth, interest rates may become lowered in next month. The …
Daily Virtual Steel Mill Report 23/05/24
Verdict: • Short-run Neutral. Macro: • On May 23rd, the China National Development and Reform Commission, the Central Bank, and other four departments mentioned promoting stable and moderate reductions in loan interest rates, optimizing tax and fee preferential policies, implementing structural tax reduction and fee reduction policies and strengthening scientific and technological innovation. Appropriately …
Daily Virtual Steel Mill Report 22/05/24
Verdict: • Short-run Neutral. Macro: • China NBS: In April, China’s crude steel production was 85.943 million tons, a year-on-year decrease of 7.2%. Crude steel production from January to April was 34.3672 million tons, a year-on-year decrease of 3.0%. China’s iron ore production reached 87.904 million tons, a year-on-year increase of 11.5%. The cumulative …
Weekly Ferrous Analysis Report
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Daily Virtual Steel Mill Report 21/05/24
Verdict: • Short-run Neutral. Macro: • BOE’s Broadbent said UK interest rate may drop this summer. • Chinese builder Vanke took on more loans with 1.2 billion yuan deal. Iron Ore Key Indicators: • Platts62 $118.50, +0.50, MTD $117.02. The fast depleting on IOCJ supported the high grade price. In general, MB65- P62 …
Daily Virtual Steel Mill Report 20/05/24
Verdict: • Short-run Neutral. Macro: • The United Nations has released the “2024 World Economic Situation and Outlook” report, which shows that compared to January 2024, the United Nations is more optimistic about the world economic outlook and has raised its global economic growth forecast for this year from 2.4% at the beginning of …